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USD/CAD falls sharply below 1.1200

FXStreet (Córdoba) - Weighed by disappointing US durable goods orders, USD/CAD broke below 1.1200 and fell to its lowest level in nearly 3 weeks at the beginning of the New York session.

Better-than-expected US consumer confidence and Richmond Fed data did little to help the greenback versus the loonie. The Canadian dollar, was already among the best performers on Tuesday, supported by the rise in stocks and higher oil prices.

USD/CAD sharpened losses during the American session and stretched to a low of 1.1166 before finding support. At time of writing, USD/CAD was trading at the 1.1170 area, recording a 0.67% loss on the day.

USD/CAD levels to watch

On the downside, if USD/CAD breaks decisively below the 1.1166/60 zone (Oct 28 & 10 lows), next supports could be found at 1.1126 (Oct 7 low) and 1.1110 (Oct 6 low). On the other hand, resistances on bounces are seen at 1.1213 (21-day SMA) and 1.1252 (Oct 28 high).

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